Tax Cut Bill Offers Small Personal Savings

4 years 5 months 2 weeks ago Wednesday, May 07 2014 May 7, 2014 Wednesday, May 07, 2014 10:18:00 AM CDT May 07, 2014 in News
By: Hanna Battah, KOMU 8 Reporter
loading

COLUMBIA - A certified public accountant said the new state income tax cut will not mean much in savings for the average Missourian.

Clarence E. Jett specializes in accounting for individuals and small businesses.  After lawmakers overrode Governor Jay Nixon's veto of a reform that would cut Missouri's top income tax rate, Jett said the payoff will be marginal for most Missourians.

"I don't think it's much of an impact," Jett said. "Say someone makes $59,000 in taxable income to Missouri. Then, of course, taking the $9,000 off leaves you $50,000 and that times the half of a percent means that each individual would save $250."

When Nixon vetoed the bill last week, the Democratic governor referred to the bill as a "fiscally irresponsible experiment."  He also said the measure would hurt education funding.

Rep. Andrew Koenig, R- St. Louis County, said the bill would make Missouri more economically-competitive to its neighboring states.

"There are more people fleeing these high-tax states," Koenig said. " Missouri needs to cut our income tax to remain competitive."

In recent years, both Oklahoma and Kansas have reduced their top income tax rates. The bill would also annually adjust to Missouri's tax bracket based on inflation.

More News

Grid
List
(CNN) -- A new startup called Tap has a bold ambition: convince people to stop buying plastic bottles of water.... More >>
2 minutes ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 9:51:12 AM CDT October 23, 2018 in News
INDEPENDENCE (AP) — The mother of an Independence man who was fatally shot by police last year is suing the... More >>
1 hour ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 8:13:59 AM CDT October 23, 2018 in News
JEFFERSON CITY - The FBI recently released violent crime statistics for Jefferson City. Some of the notable Jefferson City... More >>
2 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 7:33:00 AM CDT October 23, 2018 in Top Stories
KANSAS CITY (AP) — An 18-year-old Kansas City man has been found guilty of fatally shooting a man who he... More >>
3 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 6:53:30 AM CDT October 23, 2018 in News
COLUMBIA - The brother of a Springfield woman found dead in her apartment said he wants answers, and isn't getting... More >>
8 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:51:00 AM CDT October 23, 2018 in News
BOONVILLE - The uncle of the Columbia native who died in a car crash late Saturday night described his nephew... More >>
12 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 9:40:00 PM CDT October 22, 2018 in News
JEFFERSON CITY - A new reading program started by the Missouri River Regional Library encourages children to read 1,000 books... More >>
14 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 6:56:00 PM CDT October 22, 2018 in News
COLUMBIA - Three air conditioning units were stolen from Discovery Church in Northeast Columbia Tuesday night. The pastor of the... More >>
15 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 6:01:00 PM CDT October 22, 2018 in News
JEFFERSON CITY - Governor Parson appointed the new director of the Missouri Medicaid program, filling a permanent position after 22... More >>
16 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 5:40:00 PM CDT October 22, 2018 in News
COLUMBIA - Renee Hoagenson and Vicky Hartzler are running against each other for a seat in the House of Representatives.... More >>
16 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 5:28:00 PM CDT October 22, 2018 in News
COLUMBIA - A poster display regarding sexual orientation and gender identity at Gentry Middle School received mixed reviews from parents... More >>
17 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 4:06:00 PM CDT October 22, 2018 in News
COLUMBIA - Mizzou forward Jontay Porter will miss the entire 2018-19 basketball season after tearing both the ACL and MCL... More >>
18 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 3:40:00 PM CDT October 22, 2018 in News
COLUMBIA - A downtown Columbia restaurant discontinued an Election Day incentive after realizing it could be violating voter laws. ... More >>
19 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 2:39:00 PM CDT October 22, 2018 in News
O'FALLON (AP) — A suburban St. Louis man who has served as a Cub Scout den leader has been charged... More >>
19 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 2:32:00 PM CDT October 22, 2018 in News
(CNN) - The United Nations' drug strategy of the past 10 years has been a failure, according to a major... More >>
19 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 2:17:00 PM CDT October 22, 2018 in News
COLUMBIA - Prosecutors filed charges Monday against the driver of a car which crashed late Saturday, killing one person. ... More >>
21 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 12:49:00 PM CDT October 22, 2018 in News
KANSAS CITY (AP) — The Missouri Republican Party says a miscommunication caused 10,000 voters in the state to receive mailers... More >>
23 hours ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 10:31:00 AM CDT October 22, 2018 in News
JEFFERSON CITY (AP) — The Missouri Supreme Court has allowed an injunction to remain in place against part of... More >>
1 day ago Monday, October 22 2018 Oct 22, 2018 Monday, October 22, 2018 9:44:00 AM CDT October 22, 2018 in News
Columbia, MO
Broken Clouds 50°
10am 51°
11am 55°
12pm 57°
1pm 59°